Platinum hits a 17-year high as tight supply doubles price in 2025

Platinum is back in the spotlight after surging to a 17-year high and more than doubling in 2025. In this episode of Goldbank Insider, we break down why this move looks different from a typical “risk-on” rally: the market is flashing genuine tightness in physical supply, and that stress is showing up in the plumbing behind the headline price.

One of the clearest signals is the jump in platinum lease rates and the cost of borrowing metal. When lease rates spike into double digits, it often means holders are reluctant to lend and nearby availability is tight. In plain terms: buyers aren’t just bidding up paper contracts, they’re competing for real bars and sponge, and that can quickly turn a steady uptrend into a squeeze.

So what’s driving the tightness? First, the ...